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SEC rejects proposed spot Bitcoin ETF from First Trust and SkyBridge

The US Securities and Exchange Commission has shot down another spot bitcoin exchange-traded fund proposal, this time from First Trust and SkyBridge Capital. As previously reported, First Advisors and the Anthony Scaramucci-led SkyBridge Capital joined the fray in seeking approval for a spot bitcoin ETF in March 2021.  Yet as was the case with VanEck’s bitcoin ETF rejection in November, the SEC, in its latest statement, honed in on fraud and manipulation prevention risks as well as investor protection.  Indeed, …

SEC delays decision on NYDIG’s bitcoin ETF proposal

The Securities and Exchange Commission (SEC) has delayed on another spot bitcoin exchange-traded fund (ETF), as an extension notice for NYDOG’s Bitcoin ETF hit the register today. “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comments that have been submitted in connection therewith,” said the …

A look back at the biggest bitcoin ETF news of 2021

Many hoped 2021 would be the year of the bitcoin exchange-traded fund (ETF), and in some ways it was. Though the industry ultimately did not successfully advance a spot bitcoin ETF through the Securities and Exchange Commission (SEC), the US did see its first crypto ETF in the form of a futures-based product. In this piece, The Block takes a look through key events in 2021 to see where the question of SEC approval lies for 2022. April It all …

SEC punts on Bitwise and Grayscale bitcoin ETF proposals

The Securities and Exchange Commission (SEC) has punted on two more spot bitcoin exchange-traded fund (ETF) proposals. Two extension orders hit the docket Friday for NYSE Arca’s proposed rule changes — one for the Bitwise Bitcoin ETP Trust proposal and another for the Grayscale Bitcoin Trust proposal. The SEC will now take an additional 45 days to review both proposals, kicking their decision deadlines to February 1, 2022, and February 6, 2022, respectively.  “The Commission finds that it is appropriate …

Valkyrie launches innovative balance sheet ETF

Issuer Valkyrie Funds launched a new exchange-traded fund (ETF) yesterday which holds public firms with bitcoin on the balance sheet. The Valkyrie Balance Sheet Opportunities ETF aims to give investors exposure to bitcoin by holding firms that directly or indirectly invest in, transact in or hold bitcoin on their balance sheets. That includes firms like MicroStrategy, Block (formerly Square), Tesla, Coinbase and PayPal among others.  The fund plans to limit its exposure to mining companies in order to mitigate risk …

SEC denies WisdomTree’s spot bitcoin ETF proposal

The Securities and Exchange Commission has rejected WisdomTree’s proposal to list a bitcoin exchange-traded fund (ETF), making it the second rejection order to come down in this wave of applications for a spot-based bitcoin ETF. The Commission cited the lack of surveillance sharing agreements and the subsequent inability to curb fraudulent or manipulative practices in the spot market. “The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate …

Grayscale argues the SEC’s bitcoin ETF treatment could violate the APA

In the wake of the Securities and Exchange Commission’s most recent bitcoin exchange-traded fund (ETF) rejection, Grayscale is pushing back on the regulator’s arguments. Grayscale is seeking to convert its bitcoin trust, GBTC, to an ETF, and recently put the Securities and Exchange Commission on the clock in October, when NYSE Arca filed to list the product. A decision could come as early as Dec. 24, although the agency has a history of extensions. It’s already published a notice on …